At one time, Doc Crookshank peddled his snake oil liniment and miracle cure-all elixirs from his horse-drawn wagon. He and his old-timey Travelling Medicine Show enjoyed their time in history. Much like traditional health benefit plans.
Don't get us wrong, we have nothing against insured health benefit programs. They work for some companies and we're happy to sell them...when they're the right fit. However, generally speaking, we think - actually we know - Health Spending Accounts provide more value to both Plan Sponsors and Plan Members.
Don't believe us? Here's our top 3 reasons:
1. Tax Friendly
HSAs and related fees are 100% tax deductible for the Plan Sponsor company.
There are no complex considerations as to whether payroll deductions are required because HSAs are 100% tax free for employee Plan Members.
2. Budget Friendly
Cost control - BOOM!
Unlike traditional health benefits, there are no nasty surprises at renewal time. Plan sponsors decide on the budget.
We've said it before and will scream it off the rooftop again and again until people get it! Okay maybe we won't actually scream it but we won't be shy about telling anyone who will listen. The only limitation on reimbursements is the amount available in the account. There are no restrictions on the number of chiropractor visits and no co-pays or deductibles.
As long as an expense is eligible, and the Member has funds available, we'll reimburse it - simple.